Vietnam's Q1 economic growth reaches 4.5%. Image Source: IANS News

Hanoi, March 29 : Vietnam's gross domestic product (GDP) grew by 4.48 per cent in the first quarter of 2021 compared with the same period last year, according to a government report released on Monday.

Vietnam's industrial sector grew sharply, rising by 6.3 per cent compared with the same period last year, while the service sector increased by 3.34 per cent, Vietnam's General Statistics Office (GSO) said in the report.

Registered foreign direct investment in Vietnam over the first quarter of 2021 grew to 18.5 per cent, hitting a total value of just over $10 billion, reports dpa news agency.

The first quarter of 2021 also saw a strong recovery of import and export activities.

The total import-export turnover reached $152.7 billion, up 24 per cent compared to the first quarter of 2021.

Vietnam faced a resurgence of Covid-19 between January and March, which negatively affected the socio-economic situation across the nation, the report said.

Economists said successfully containing Covid-19 is crucial if Vietnam is to boost its economy.

The Vietnamese government has set a target of 6 per cent GDP growth this year, with a per capita income of $3,700.

The International Monetary Fund predicts a growth rate of 6.8 per cent for Vietnam in 2021.

Vietnam's economy is benefiting from a raft of trade deals signed in recent years, including the EU-Vietnam Free Trade Agreement (EVFTA) and the UKVFTA approved with the UK in December last year.

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